New Jersey is seeking applications from the state’s colleges and universities for $750 million in bonds to support capital projects in higher education authorized by voters who approved the Building Our Future Bond Act in November.
Of the $750 million, $300 million is available for public research universities, $247.5 million for state colleges and non-research universities, $150 million for county colleges and $52.5 million for private institutions. Schools with more than $1 billion dollars in endowments are ineligible to apply, thereby barring Princeton University.
The state is emphasizing projects in the science, technology, engineering and math.
The state may approve several waves of projects. The state should complete an initial set of approvals or rejections by late spring. The state legislature should vote on the approved projects before its July recess.
New Jersey will sell a $350 million general obligation bond in April. Of this bond, $100 million will be used for funding Building Our Future Bond Act projects, said New Jersey Treasury spokesman Bill Quinn.